A new strategy for 707 E. North St.

June 25, 2008
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707 East North Street by Beilouny
                              Luxury PropertiesThe developers of an 8-story condo building southeast of College Avenue and North Street have taken a dramatic U-turn on the building's interior layout. The building now will have 10 units instead of 17, and condos will start at $1 million instead of $400,000. Officials with Beilouny Luxury Properties found more buyers interested in penthouse units in the $20-million project, so they decided to make them all penthouses, said Amy Peddycord, a spokeswoman for the developer. The condos range from 4,300 square feet to 10,000 square feet, and each unit has at least two outdoor terraces. Four have been reserved so far.
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  • REALLY? Hmmm. I guess it is great that there are people still willing to pay that much money to live downtown. I am pleased with this project and would love to see more like it in the area. That area is developing into a nice high-density residential area with it's own emerging skyline. HOWEVER, I am very concerned about the price points downtown and how everything is so expensive. We have discussed it here a bit and I do know that there are affordable options in the works, but this area DESPERATELY needs more lower rent options. What is the latest on plans to redevelop the Coca-Cola facility at the start of Mass Ave?
  • How can all of the units be penthouses? That's an oxymoron.
  • I wonder if anyone will ever develop that boarded up church across the street from this building......
  • Why does the article on 1/1/08 say six of the then planned 17 units had been sold, and the current article says 4 of the now planned 10 units are reserved? The loss of two pre-sales, coupled with the last minute change of floor plans, might make someone think that interest in the product is not what was originally anticipated. Also, if it is a $20MM project, to breakeven with 10 units, they will need to average $2MM per unit (fancy math). If they offer even just a couple of units at $1MM, then the prices on the others are going to have average well above $2MM to make it up.

    Call me a sceptic, but this whole repricing / reconfiguring smells of an overbudget project coming online during a down real estate market. Just my opinion.
  • Ya Cory, when I read they headline I assumed that they decided to downsize the units to make them more affordable. But 10 units in that huge building? I'm not sure if that's a very efficient use of the space.

    However, I would guess that adding more units would probably be in violation of some crazy parking codes, so that's probably just a dream of mine.
  • Esta, you make some interesting points and may be onto something.
  • The higher end condos are likely being used as pieds-à-terre, not primary residences. This means they probably aren't adding many permanent residents to downtown. I've noticed this trend in other cities too. An article in Louisville Magazine about downtown condo dwellers there only mentioned one person who was a full time owner-occupant.
  • You can't have a penthouse on the first floor. It's either the top floor or not at all. Something's been wrong with this buiding from the very begining. It's been at least two years in the making. I think Esta's right.
  • Outside of sales troubles, it's a nice looking building and almost done. I'm sure they'll work out their problems eventually.

    I'm more concerned about the future of the development across the street, Lockerbie Park.
  • Yes, Ablerock. This building is really well built & well designed. Hopefully, all of Lockerbie Park will also come into fruition as you said.

    340 N. Senate Ave., developed by Hearthview Residential, will include five condominiums and retail space.

    http://www.indydt.com/livebackgrounder.html

    Any idea what that is?
  • I'd always imagined redveloping that old church into an upscale nightclub and calling it SANCTUARY..... ahhh, the dreams of a want to be nightlife mogul.....
  • Nice find Erich, I hadn't seen anything about 340 N Senate. Hearthview seems to be making a play in that area. Last year, they also bought some land from the state on the triangle bounded by Indiana, Vermont and Capitol.

    http://propertylines.ibj.com/content/?p=45
  • Maybe the term for these units should be flats. Penthouses is definitely the wrong term. The building is very nice and unique for Indy. It would be nice if Indy developed a high rise condominum project like Charlotte who is developing a 50 story project. It seems there would be a demand for this if it was in the heart of the city connected to the mall.
  • Nothing Hearthview builds is of any quality. I have unfortunately been involved in projects with them and have friends who live in their projects and all of the finishes are cheap for the sticker price... not to mention the lack of class and design in the public spaces. They are just looking for a way to max out profits for a minimum investment.
  • Esta, my guess as to why they went from 6 pre-sale units to 4 pre-sale units is that when the developer decided to get rid of 7 units and make all the units start at $1 Million the 2 other pre-sales got priced out. Also, I have heard that the asking price for the top penthouse is $4.5 Million.
  • I have heard that the asking price for the top penthouse is $4.5 Million.

    I hope for them that unit is one of their pre-sales. I have no special knowledge of this particular project, but it just seems odd to be making such large scale changes this late in the game. The other issue to be considered in the condo association fees. By now only having 10 units to spread them over instead of 17, they are going to be nearly double. Of course, folks who are buying $4.5MM condos aren't going to be deterred by that, I guess.
  • [quote]I’d always imagined redeveloping that old church into an upscale nightclub and calling it SANCTUARY….. ahhh, the dreams of a want to be nightlife mogul…..[quote]

    Mitchell: I've been there/done that. Dreaming cost me a fortune.

    Pace yourself...
  • The average price per square foot in this building according to these numbers is somewhere between $450 (about the same as the Conrad) and $233. That is pretty reasonable. If you could deliver a basic one bedroom unit for a number closer to the lower of the above, it would be affordable (under $200,000). What really kills the affordable market downtown is the parking requirements both by the city and the market. Kevin is right. We are required to provide one parking space per unit by the city in most instances, and it is very difficult to sell a condo without covered parking of some sort here. Each parking space costs about $9000 in ground alone. If you cover it the cost at least triples.
  • Take a quick search through MIBOR's database sometime. There are plenty of options available downtown for under $200K. They aren't new construction, but they're there.

    Buying a new condo is a bit like buying a new car. You get brand new everything, and in some cases, control over the finishes. That's going to come with a premium.

    Also, on the post regarding Hearthview's goal of maximizing profits. They are a real estate development firm. Their goal, as with any developers goal, is and always will be to maximize profits. To assume otherwise is naive. The simple isthat fact that they overpriced their units, as evidenced by the fact that they can't sell Lockerbie Place or Meridian Arch, and the units they did sell in Mill No. 9 are not holding their value on the re-sale market.
  • I have a beef with the handful of condo developers downtown, besides the price. Have you ever been into their units? They all look the same. Don't get me wrong, they are nice, but when the interiors all look the same, despite a diversity in location, of course sales are going to be slow.
  • Northeastern downtown seems to becoming the hot spot for development.
    It is by far the densest area of downtown outside of the core.
    Personally, I think the area has a lot more potential that many can see.
    This neighborhood was always high density (for Indianapolis) and at one point near this location was a home sort of orphanage I believe. The wall of the 'home' still stands and was incorporated into some new townhouses. Quiet well I must say.
    The condominiums being enlarged may be due to demand like the article stated. However, I do think they shall have a harder time selling them. Penthouses are for the top three (if not 1) floors. I have no doubt these are luxurious condominiums however when someone says penthouse they usually vision a large open condominium on the top of a high-rise with an outdoor garden of some sort.
    Best of luck to the developers.
    I would love to see more development like this around downtown. I hope that they can keep the Lockerbie Square group from shooting down every development that could actually help Lockerbie Square.
    As for that old church, I remember seeing a photo of the neighborhood looking from the southwest and I believe the steeple on this church was quiet tall.
    It has definitely seen better days.
    Marshall I love that idea.
    Some deep ice blue lighting and dark glass windows would be quiet fashionable.
    Something the neighborhood lacks (ignoring the nearby Massachusetts Avenue). I would love to see the church redeveloped into either a nightclub as you stated Marshall or condominiums like the condominiums on Meridian except without demolishing half the thing and leaving the steeples as imaginary.
    Does anyone know where one can find a better photo and information on this church?
    Not until now did I even know it was still standing.
    God I need to go to Indianapolis more. Ha-ha.
  • Northeastern downtown seems to becoming the hot spot for development.
    It is by far the densest area of downtown outside of the core.
    Personally, I think the area has a lot more potential that many can see.
    This neighborhood was always high density (for Indianapolis) and at one point near this location was a home sort of orphanage I believe. The wall of the 'home' still stands and was incorporated into some new townhouses. Quiet well I must say.
    The condominiums being enlarged may be due to demand like the article stated. However, I do think they shall have a harder time selling them. Penthouses are for the top three (if not 1) floors. I have no doubt these are luxurious condominiums however when someone says penthouse they usually vision a large open condominium on the top of a high-rise with an outdoor garden of some sort.
    Best of luck to the developers.
    I would love to see more development like this around downtown. I hope that they can keep the Lockerbie Square group from shooting down every development that could actually help Lockerbie Square.
    As for that old church, I remember seeing a photo of the neighborhood looking from the southwest and I believe the steeple on this church was quiet tall.
    It has definitely seen better days.
    Marshall I love that idea.
    Some deep ice blue lighting and dark glass windows would be quiet fashionable.
    Something the neighborhood lacks (ignoring the nearby Massachusetts Avenue). I would love to see the church redeveloped into either a nightclub as you stated Marshall or condominiums like the condominiums on Meridian except without demolishing half the thing and leaving the steeples as imaginary.
    Does anyone know where one can find a better photo and information on this church?
    Not until now did I even know it was still standing.
    God I need to go to Indianapolis more. Ha-ha.
    Well, good luck to the developers and that area.
  • Oh dear.
    I've seem to have double posted. =/
  • I'll remove the duplicate.
  • Yes, 707 raised their price points, but also raised the square footage of the condo's. I think that the building is a modern edition to downtown Indianapolis and am personally very excited with the development and possibility that this building brings to the downtown area. It seems to be of great quality and will be very unique. I am excited to see the true luxury that 707 will bring to the Mass Ave. area.
  • I think Indy should be estatic about any new residential development downtown that fits downtown density and has good aethetics. This acheives both. What Indy doesn't need is more sub-urban residential townhome designs eating up valuable urban space. The comments revovling about what the pricepoint is above are missing the point completely. It's a big city, it should look like one.
  • A building with all penthouses, never heard that one before. Can't help but recall this onion article about a mansion with only foyers:

    http://www.theonion.com/content/node/38734
  • i know about the beilouny
    my name is zach beilouny and i say that is stupid my grandfather was doing a perfect thing

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